July 29, 2008
Aura Silver Completes Airborne Survey on Greyhound Claims, Mounts Field Program
Aura Silver Resources Inc. (TSX VENTURE: AUU) (the "Company" or "Aura Silver") is pleased to announce Fugro Airborne Surveys is currently flying a GEOTEM(R) survey over the recently staked Greyhound Claim Group located in Nunavut, just north of the Hamlet of Baker Lake. Newly recorded claims, staked in the spring of 2008 more than double Aura's Greyhound land package (now totaling 23,000 hectares). The claims cover a relatively unexplored Archean greenstone belt and are wholly-owned by Aura Silver. Agnico Eagle's road to the Meadowbank gold property transects the area of highest geological interest on the Company's' land holdings.
The claims lie within the Archean supracrustal rocks of the Woodburn Lake group ("WLGB"), which forms part of the Sissons-Tehek Greenstone Belt. The WLGB is known for having a high potential for economic gold deposits. However, due to the perceived remoteness of the area past exploration for base-metals has been minor, particularly if compared to other greenstone belts such as the Abitibi Region. Nevertheless, several base-metal showings have been located in the WLGB which until now, have largely been ignored.
The volcanic sequence is comprised of a basal subvolcanic intrusion, overlain by mafic flows, felsic domes and capped by exhalite. Most of the geophysical airborne anomalies are believed to be associated with a major band of sulfide, oxide and carbonate iron formation (exhalite) at the top of a volcanic sequence from the Thelon River to Whitehills Lake, a distance of over 25 kilometres. This extensive multi-facies exhalite contains base-metal and silver enriched subcrop with values up to 8.2% lead, 2.4% zinc, 4.4% copper, 99g/t silver and 4.1 g/t gold reported from both historic and Aura's recent sampling. . The Greyhound district has many geological characteristics that are similar to those in productive camps. The volcanic rocks show extensive areas of Mn-enrichment in discrete zones of carbonate alteration and K20-enrichment in the footwall sequence, as well as extensive sodium depletion of the felsic and mafic strata, all signs of a robust VMS-producing system. Aura Silver's field work will test our exploration rational that the claims contain a highly prospective but under explored belt of volcanic rocks and that the former "remoteness" of this portion of the Arctic region has guarded a treasure house of metal deposits. An on-the-ground field program will start in early August.
Robert Boaz, President and CEO of Aura Silver stated, We are very pleased that we have been able to secure an experienced field team given these tight markets, in order to carry out a prospecting and mapping program, The Greyhound project is a perfect complement to our Taviche project in Mexico which will be undergoing an extensive drilling program in August".. It is envisaged that detailed prospecting of the airborne anomalies will aid in pinpointing potential drill targets for a concerted drill program in the 2009 field season.
Mr. Paul Pitman, P. Geo is the Qualified Person for Aura Silver under National Instrument 43-101.
About Aura Silver
Aura Silver is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in North America with a focus on silver. The Company has 35,267,727 common shares outstanding.
For further information contact: Robert Boaz, President and CEO (905) 403-8010 or by e-mail at [email protected] Aura Silver's web site is located at www.aurasilver.com.
FORWORD LOOKING STATEMENTS
This Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has neither approved nor disapproved the information contained in this press release.
Contacts: Aura Silver Resources Inc. Robert Boaz President and CEO 905-403-8010 [email protected]www.aurasilver.com
SOURCE: Aura Silver Resources Inc.